Seasonally adjusted residential transactions in March increased by 62%  to 177,370  compared with 109,700 in February 2025, according to the latest data from HMRC.

The HMRC indicated that these numbers were clearly affected by the imminent changes in Stamp Duty Land Tax Rates from April 2025 when the nil-rate threshold, which had been £250,000, returned to the previous level of £125,000.

Non-seasonally adjusted residential transactions increased by 80% in March 2025 relative to February 2025. This is the third highest month-on-month increase since records began for non-seasonally adjusted figures, behind only March 2016 and June 2021.

Commenting on the latest figures Open Property Data Association chair Maria Harris said the fact that residential transactions had risen yet again was not surprising given the rush to complete transactions ahead of the stamp duty deadline.

“With the Bank of England hinting at further rate cuts this quarter, we could see more stability in mortgage pricing which could help to maintain this momentum further into the year.”

London estate agency Antony Roberts head of sales Amy Reynolds said the figures offered valuable insight into overall activity and were a key indicator as to how the market was likely to shape up over the next few months.

“The end of the stamp duty concession has removed some of the urgency from the market. Some buyers accelerated purchases to beat the deadline, as reflected in these numbers. Others simply dropped back into ‘wait and see’ mode, hoping that with inflation now largely under control, the Bank of England will cut interest rates again, perhaps as early as next month.”

SPF Private Clients chief executive Mark Harris sai: “Transaction numbers have picked up on the back of rate reductions and buyers trying to take advantage of stamp duty savings before they disappeared at the end of March. The market remains quite tough but busy as the sun comes out and the weather improves.”

He added “Rate reductions are a great way of boosting confidence and activity in the housing market, as we saw with the base rate cuts in the second half of last year and the reduction earlier this year. Further reductions from the Bank of England will help improve confidence and affordability, and give the market some impetus now that the stamp duty concession has ended.”

Saffron for Intermediaries national account manager Phil Lawford followed a similar line. “The stamp duty deadline at the end of March gave buyers a little extra motivation to get deals over the line, which is a key reason for the uptick in transactions. Although there were backlogs and delays, brokers worked around the clock to support buyers who were determined to secure their deals before the new rules took effect – helping to drive market activity.”

He added that as we move closer to summer, usually a strong season for property transactions, the market was in a strong spot.

“Mortgage rates have dropped below 4%, improving affordability and giving first-time buyers more chances to step onto the ladder. For anyone considering a purchase, speaking with a mortgage adviser can help ensure they secure the best deal and move forward with confidence.”